Rise in Gold Price -Local and Global Trends
Factors Driving Gold Price Movement
1. Signs of Cooling US Economy Growth:
Gold prices gained traction as indications of a slowing US economy emerged, bolstering investor interest.
2. Expectations of Fed Maintaining Higher Rates:
Anticipation that the Federal Reserve would prolong higher interest rates amidst persistent inflation concerns boosted the US Dollar, restraining significant gains for gold.
3. Positive Market Sentiment:
A positive risk tone in the market weighed on safe-haven assets like gold, limiting its upward momentum.
Recent Economic Data Supporting Gold Prices
1. Higher-than-Expected Inflation:
Data from the US Commerce Department revealed a rise in underlying inflation in the first quarter, reinforcing expectations of delayed rate cuts by the Fed.
2. Slower Economic Growth and Persistent Inflation:
The US GDP report indicated a notable deceleration in economic growth and stubborn inflation, providing further support for gold prices.
Technical Analysis and Price Outlook
1. Resistance at 100-period Simple Moving Average:
Gold faced resistance around the $2,345 level, represented by the 100-period Simple Moving Average on the daily chart.
2. Potential Upside Targets:
If gold surpasses the resistance, it could target the $2,371-2,372 region, with further upside potential towards $2,400.
3. Downside Risks:
Conversely, a drop below $2,300 could trigger a corrective decline towards $2,260-2,255, followed by $2,225 and $2,200-2,190.
Focus on US PCE Price Index
Investor attention remained on the upcoming release of the US Personal Consumption Expenditures (PCE) Price Index. This data would provide insights into future Fed policy decisions, impacting the demand for the US Dollar and influencing gold prices accordingly.
Last 10 days gold rates showing gold rate fluctuations and trends.
Check Out Today Gold Rate Here
LAST 10 DAYS TREND IN GOLD PRICE IN PKR
| DATES | 24K GOLD/TOLA | 24K GOLD/10 GRAM | 24K GOLD/GRAM |
|---|---|---|---|
| 25 April 2024 | 235,600 | 201,989 | 20,199 |
| 24 April 2024 | 234,600 | 201,132 | 20,113 |
| 23 April 2024 | 233,500 | 200,189 | 20,019 |
| 22 April 2024 | 242,400 | 207,000 | 20,700 |
| 21 April 2024 | 242,700 | 208,076 | 20,808 |
| 20 April 2024 | 242,700 | 208,076 | 20,808 |
| 19 April 2024 | 243,000 | 208,940 | 20,894 |
| 18 April 2024 | 242,900 | 208,500 | 20,850 |
| 17 April 2024 | 243,000 | 208,940 | 20,894 |
| 16 April 2024 | 242,700 | 208,080 | 20,808 |
Meanwhile, silver rates remain unchanged per tola to settle at Rs 2,914. You can Also Check Today’s Silver Rate Here.
